You need to remember he will have to pay tax on the gains of the shares he sold, so that could easily eat up the $170k extra in the next year or so.
If they were shares ought in the cap raise last year at 16c, then the 51c profit is taxable, so ~$725k profit. That takes anyone into the top tax bracket.
Even at cap gains rate, (50% added to income) that tax would be ~12c/sh X 1.45m = $174,000, or thereabouts.
Converting options to shares while keeping most of that (sold shares) cash in the stock except for around the taxable amount is definitely showing confidence in the stock.
FFX Price at posting:
75.0¢ Sentiment: Buy Disclosure: Held